Pawan Munjal took over as the chairman of the Hero Moto Corp, while his father and patriarch Brijmohan Lall Munjal stepped down and moved on as chairman emeritus, with no further executive role in the company.
The senior Munjal, who will turn 92 next month, had been the chairman of the company since its inception in 1984. In August last year, Pawan Munjal, who has been the managing director and CEO of the firm since 2001, was elevated as the vice chairman.
“The top leadership succession plan has come to its logical conclusion,” the company said in a statement. “Under Pawan Munjal, Hero has remained the world’s largest two-wheeler manufacturer in terms of unit volumes sold in a calendar year by a single company, since 2001.”
The Munjal family holds 34.64% stake in the company they had founded in collaboration with Japan’s Honda Motor Corporation. Honda exited the venture in December 2010.